Financial mentoring and money management app Lumio chooses Open Finance platform Moneyhub to provide their users with a true picture of their finances by having access to all their financial information in one place.

The Lumio app automatically finds clever ways for users to grow their money. Users can connect accounts in seconds and instantly start tracking, planning and growing their full financial life, without changing their lifestyle.  Moneyhub’s Open Finance APIs connect Lumio users to thousands of financial institutions globally, from bank accounts, mortgages, savings and loans, to investments, pensions and credit cards. This gives Lumio users an overview of not only their banking data but also their entire financial universe. Moneyhub’s spending analysis and data categorisation engine unlocks unique and holistic insights into a user’s financial habits, behaviours and aspirations, which enables Lumio to make suggestions on savings and investments based on the individual’s needs.

By using Moneyhub’s full suite of data APIs, the only comprehensive Open Finance data source in the market, Open Banking and P2D2 compliance are assured. This enables  Lumio to access bank data and facilitate account-to-account payments in a compliant way, without the hurdles of getting its own AISP and PISP licences. Choosing to use Moneyhub’s APIs rather than building and maintaining thousands of financial data connections themselves allowed Lumio to reduce development costs and launch the app to market quicker.

Charlie Richardson, Founder of Lumio comments: “The breadth of Moneyhub’s comprehensive financial data source and expertise made them the obvious choice. We didn’t just want to offer our users access to their banking data but also provide a holistic view of their financial situation so they could make informed decisions and secure better outcomes by using our app. With Moneyhub we are able to offer our users this and more!

“Working with the Moneyhub team has been a truly collaborative experience. Tapping into their expertise and working directly with their development team enabled us to build out the proposition which suited our specific needs.”

Dan Scholey, COO at Moneyhub comments: “Improving financial literacy and wellbeing is a goal close to our hearts at Moneyhub and we welcomed the opportunity to work with a forward-thinking team like Lumio.

“Open Finance is here today. It empowers users of apps like Lumio to see their financial past, present and future, while enabling businesses to interact with these insights, supporting customers with information and products that suit their unique financial requirements.

“This is an important starting point to making better financial decisions that don’t just focus on the day-to-day, but on the long-term too. Lumio makes these decisions easier for its users and will be a great companion on their financial journey.”